Hydro-Québec securities: A wise, sustainable choice

Hydro-Québec is a major generator, transmission provider and distributor of electricity in Canada, focusing mainly on hydroelectricity. To develop, improve and maintain its facilities and reimburse maturing debts, the company issues securities which are guaranteed by the Québec government, its sole shareholder.

Key Assets1

Over 99% of power generated from renewables

Large reservoirs with a storage capacity of 178.4 TWh

Total installed capacity of 38,055 MW2

Average residential rate of 7.81¢/kWh in 20233 the lowest in North America

Return on equity 12.2%

Total assets of $93 billion

Average term of debt 22 years

Credit Ratings1

Rating agencies Long-term debt Commercial paper Outlook
Moody’s Aa2 P-1 Stable
S&P Global Ratings AA- A-1+ N/A*
Fitch Ratings AA- F1+ Stable
DBRS Morningstar AA (low) R-1 (middle) Stable

* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.

Learn more about Hydro-Québec’s credit ratings

Results and Outlook4

Investments totaled $4.9 billion in 2023.

Hydro‑Québec carried out seven fixed‑rate issues on the Canadian capital market during the year: three medium-term note issues maturing in 2029, totaling $1.8 billion, at an average cost of 3.87%, and four bond issues maturing in 2063, totaling $1.9 billion, at an average cost of 4.27%. These issues raised a total of $3.7 billion.

Net Income

($B)

The net profit for the year 2023 is 3.3 billion Canadian dollars, and the forecast for the year 2024 is 2.7 billion Canadian dollars

Investments

($B)

The investments amount to 4.9 billion Canadian dollars in 2023, and the forecast for 2024 is 5.8 billion Canadian dollars

Financing Activities5

($B)

The financing activities for the year 2023 is 5 billion Canadian dollars, and the forecast for the year 2024 is 5 billion Canadian dollars

View the five-year review of consolidated financial information [PDF 2.3 MB]

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  1. As at December 31, 2023.
  2. Total installed capacity includes 37,436 MW for Québec and 619 MW for the United States.
  3. On April 1, 2023 (for residential customers with monthly consumption of 1,000 kWh).
  4. Forecast data is supplied for 2024.
  5. Gross borrowings.

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Terms and conditions of disclosure

The content of this site is intended for general information purposes only and should not be construed as an offer to sell or a solicitation of offers to purchase securities.

It has not been approved by any regulatory body and is not sufficient for the purpose of deciding to purchase securities. The information, when released, was considered reliable as of that date.

However, errors or omissions may have resulted from electronic conversion, downloading or unauthorized modifications. No warranty is being made by Hydro‑Québec as to the accuracy or completeness of the information provided on this site. Users from outside the Province of Québec are sole responsible for complying with their national, provincial or state laws and regulations.

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